St John's excellent natural harbor, leading out to what were once seething seas of cod, prompted the first European settlement here in 1528. During the late 1600s and much of the 1700s, St John's was razed and taken over several times as the French, English and Dutch fought for it tooth and nail. Britain won the ultimate victory on Signal Hill in 1762.
The harbor steadfastly maintained its position as the center of world trade for salted cod well into the 20th century. By midcentury, warehouses lined Water St, and the merchants who owned them made a fortune. Come the early 1960s, St John's had more millionaires per capita than any other city in North America.
Today the city's wharves still act as service stations to fishing vessels from around the world and the occasional cruise ship, though the cod industry suffered mightily after a 1992 fishing moratorium. The offshore oil industry now drives the economy.